Redundancy Bankruptcy Cover

Get a monthly benefit for up to six months if you’re made redundant or bankrupt. It could provide you with important breathing space you need to make a fresh start. 

How Redundancy/Bankruptcy cover works

Redundancy/Bankruptcy cover provides extra protection in case you’re made involuntarily redundant, or if you are self-employed and made bankrupt.

It’s linked to your Income Cover and can pay out the same monthly benefit, 30 days after you’re made redundant or bankrupt. And it can keep paying out for up to six months. You need to have been working for at least 25 hours a week at the time of ceasing work.

Most people use this to pay for the mortgage or cover the rent. Some choose to take a stress free family holiday, but how you spend it is up to you.


How Redundancy/Bankruptcy Cover fits with your other cover

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To get Redundancy/Bankruptcy Cover you will also need:

  • Westpac Term Cover with Income Cover, 
  • Be a New Zealand permanent resident, aged 18-59 years.

To understand how optional benefits can to provide you with greater protection, you can compare your Term Cover options now.


More reasons to add Redundancy/Bankruptcy Cover

No additional health checks

You can choose to keep your cover in place until you’re 65 years old, no matter what shape your health is in.

Take a premium holiday while you claim

Whilst claiming a benefit under this cover, you won’t pay your Term Cover premiums (up to a maximum of $300).


Get your life insurance sorted today


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With our 30-Day Free look if you decide the cover is not for you during the free look period, just notify us and we’ll refund any premiums you’ve paid.


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Important things to know
What’s not covered

The first 30 days of any claim are not covered. No benefit will be paid if you were working less than 25 hours per week when you stopped work.
The policy won’t cover:

  • any redundancy or bankruptcy that you knew about at the start of the policy
  • any redundancy or bankruptcy that occurs, or you become aware of, or you ought to have been aware of in the first six months of the policy.

For redundancy specifically, the policy won’t pay out if:

  • you are not paid by salary or wages
  • you are self-employed, on a fixed term contract or in seasonal, temporary or casual work
  • you are a director of the business or employed by a direct member of your family
  • you have not satisfied us that you are actively seeking full time employment.

For bankruptcy specifically, the policy won't pay out if:

  • you are not self-employed
  • you voluntarily declared bankruptcy
  • you knew at the start of the policy that it was likely or possible that bankruptcy notice or proceedings would be issued against you.
Read your policy

You’ll find more details about your Redundancy/Bankruptcy cover in your policy document including full details on exclusions and limits on cover. Do read it carefully, so you fully understand your cover.

See your Westpac Term Cover policy